3M Employees'(London)Credit Union Ltd.
Audit Committee Report for 2007

To the Members of: 3M EMPLOYEES' CREDIT UNION LTD.

On behalf of the Audit committee (Cheryll Wilson-Cullen, William Lock, Kevin Stewart and
David Ratz) it my pleasure to present this report.

During 2007 the credit union continued to operate with strict adherence to all regulatory
and legislative guidelines.

The credit union also continued to meet and exceed the operational standards set by
Sound Business Practice guidelines.

All external audit reviews of 2007 activities resulted in very favorable audit reports.

In 2008 the Audit Committee will continue to ensure that our high standards continue
to be met and exceeded. The Audit Committee will also continue to evaluate and
implement opportunities that result in increased business value for our organization
and higher levels of service to our members.

Audit Committee Chairperson: Cheryll Wilson-Cullen